Oil and natural gas tumble

By By ADAM SCHRECK, AP Business Writer

Story Created: Jul 17, 2008 at 3:18 PM EST

Story Updated: Jul 17, 2008 at 3:18 PM EST

NEW YORK (AP) - Oil prices are tumbling for the third straight
day and natural gas futures are accelerating a sell-off amid growing concerns about the weakening U.S. economy.

Light, sweet crude for August delivery is down $3.50 at $131.10 a barrel on the New York Mercantile Exchange in extremely volatile trading. Oil is now down about $14 in the last three days.

Natural gas prices are also plunging.

Natural gas is trading down 82.6 cents at $10.572 per 1,000 cubic feet. It has tumbled more than 20 percent since its peak before the Fourth of July.

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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